Historic Two-Story Office
245 Oak St SE Salem, OR 97301
New
245 Oak St SE, Salem, OR, 97301
$520,000
For Sale
$520,000
COMMERCIAL - Salem, OR
Property Size1,892 SF
Lot Size0.16 Acres
Price / SF$274.84
Days on Market1
Property Features for 245 Oak St SE
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Zoning
- Salem-MU-R
- Rooms
- Basement
- Standard status
- Active
- Size
- 1,892 SF
- Lot size
- 0.16 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5246
Utilities
- Heating system
- Forced Air, Natural Gas, Central
- Cooling system
- Central Air, Gas (Cooling)
- Water front
- 1
Building Details
- Year built
- 1900
- Roof type
- Composition
Listing agency
BLUM REAL ESTATE
(503) 485-1900
Listed by
GLADYS BLUM
(503) 485-1900
Added: Jul 22 Checked: Jul 22 at 5:06PM
MLS# 843735
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This historic two-story office building was originally built in 1900 and has been converted to professional office space. Each floor features its own separate entrance, and the building is currently occupied by separate tenants, supporting a multi-tenant configuration with floor-level independence.
The property is located in Salem, Oregon, at 245 Oak St SE, within Salem’s MU-R zoning designation. It is positioned for proximity to downtown-area amenities and the Salem Convention Center.
With current occupancy by separate tenants, the building presents a turn-key leasing setup for an investor or buyer looking for an income-producing office asset.
The property is located in Salem, Oregon, at 245 Oak St SE, within Salem’s MU-R zoning designation. It is positioned for proximity to downtown-area amenities and the Salem Convention Center.
With current occupancy by separate tenants, the building presents a turn-key leasing setup for an investor or buyer looking for an income-producing office asset.
Key Highlights
- Historic 2‑story building originally built in 1900, converted to professional office space
- Each floor has a separate entrance and is occupied by separate tenants
- Property is fully leased, providing immediate rental income
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.9k | $21.60 |
| − Vacancy | −$6.1k | −$3.24 |
| EGI | $34.7k | $18.36 |
| − OpEx | −$8.7k | −$4.59 |
| NOI | $26.1k | $13.77 |
1,892 SF · lease $21.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$372.2K
$325.7K – $434.2K
NOI $26,053 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$502.3K
$439.6K – $586.1K
NOI $35,164 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
BCS Professional Payroll
Accounting Firm
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Historic two-story office building built in 1900 with separate entrances for each floor and current multi-tenant occupancy.
Where is this office building located?
The property is located at 245 Oak St SE Salem, OR.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Historic 2‑story building originally built in 1900, converted to professional office space; Each floor has a separate entrance and is occupied by separate tenants; Property is fully leased, providing immediate rental income
